LIC IPO to open on May 4 and close on May 9

 

The initial public offering of the country's largest insurer LIC will open on May 4 and close on May 9, sources said.The IPO, through which the government will sell 3.5 per cent stake in state-owned Life Insurance Corporation (LIC), will fetch Rs 21,000 crore to the exchequer. The government had in February planned to sell 5 per cent stake or 31.6 crore shares in the insurance behemoth and had filed draft papers with Sebi.However, the IPO plans faced headwinds from the ongoing market volatility due to the Russia-Ukraine war.Last week, the government decided to lower the issue size to 3.5 per cent.The government has also filed papers with Sebi seeking exemption from the 5 per cent stake sale norm, sources said.As the Securities and Exchange Board of India (Sebi) norms, companies with valuation over Rs 1 lakh crore have to sell 5 per cent stake in IPO.Reports MID-DAY.For more details visit...